Average Annual Total ReturnsAs of Quarter End 06/30/2015

Expense Ratio and Sales ChargeAs of 12/01/2014 (updated annually)

Gross Expense Ratio4

4.15%

Net Expense Ratio

1.45%

Max Initial Sales Charge

5.75%

CDSC

0.00%

12b-1 Fee

0.30%

Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares.

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Strategy, Benefits

Strategy

The fund invests in the securities of companies whose
principal business is the ownership, management, construction,
operation, utilization or financing of infrastructure assets and
which are located around the world, including emerging
markets.

We combine top-down macro analysis with bottom-up research of
individual stocks to locate investment opportunities.

While benchmark aware, we rely primarily on our team’s
research and local expertise when making investment
decisions.

Benefits

Growth Potential. The fund provides access to a market
with attractive growth potential that spans both developed and
emerging markets.

Diversified Source of Income. Global listed infrastructure
securities offer an added source of income beyond traditional
fixed income asset classes, which could make the fund compelling
to yield-oriented investors.

Results

Hypothetical $10K Investment

Investing in the Fund

What Are the Risks?

All investments involve risks, including possible loss of
principal.

Investments in infrastructure-related securities involve
special risks, such as high interest costs, high leverage and
increased susceptibility to adverse economic or regulatory
developments affecting the sector.

Investments in utility company securities, if purchased for
dividend yield, involve additional interest rate risks. When
interest rates have risen, the stock prices of these companies
have tended to fall. Thus, as the prices of utility company
stocks in the fund adjust to a rise in interest rates, the
fund’s share price may decline.

By focusing on an industry or group of industries, the fund
carries much greater risk of adverse developments and price
movements in such industries than a fund that invests in a wider
variety of industries.

Special risks are associated with foreign investing,
including currency rate fluctuations, economic instability and
political developments. The risks of foreign investing may be
greater in developing or emerging markets.

Investors should be comfortable with fluctuations in the
value of their investment, as small and mid-sized-company stocks
can be volatile, especially over the short term.

Smaller or relatively new or unseasoned companies can be
particularly sensitive to changing economic conditions, and their
prospects for growth are less certain than those of larger, more
established companies.

The fund’s use of derivatives and foreign currency
techniques involve special risks as such techniques may not
achieve the anticipated benefits and/or may result in losses to
the fund.

These and other risk considerations are discussed in the
fund’s prospectus.

Minimum Investment

$1,000.00

How Financial Advisors Help You

Speak to your financial advisor about whether this fund is appropriate for you. If you don't have a financial advisor, request a referral.

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Important Legal Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total Returns With Sales Charge: returns reflect the deduction of the stated sales charges. Total returns, distribution rate, and yields reflect any applicable expense reductions, without which the results for those impacted funds would have been lower.

For more information on any of our funds, contact your financial advisor or download a free prospectus. Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Most Franklin Templeton funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance. In general, Class A shares have a maximum initial sales charge; Class B shares have a contingent deferred sales charge which declines over a period of six years, thereafter it is eliminated; Class C shares have a 1% contingent deferred sales charge; Class Z, Advisor Class and Class R6 shares have no sales charges nor Rule 12b-1 fees; Class R shares have no sales charges, but do have a Rule 12b-1 fee.

All investments involve risks, including possible loss of principal. Investments in infrastructure-related securities involve special risks, such as high interest costs, high leverage and increased susceptibility to adverse economic or regulatory developments affecting the sector. Investments in utility company securities, if purchased for dividend yield, involve additional interest rate risks. When interest rates have risen, the stock prices of these companies have tended to fall. Thus, as the prices of utility company stocks in the fund adjust to a rise in interest rates, the fund's share price may decline. By focusing on an industry or group of industries, the fund carries much greater risk of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Special risks are associated with foreign investing, including currency rate fluctuations, economic instability and political developments. The risks of foreign investing may be greater in developing or emerging markets. Investors should be comfortable with fluctuations in the value of their investment, as small and mid-sized-company stocks can be volatile, especially over the short term. Smaller or relatively new or unseasoned companies can be particularly sensitive to changing economic conditions, and their prospects for growth are less certain than those of larger, more established companies. The fund's use of derivatives and foreign currency techniques involve special risks as such techniques may not achieve the anticipated benefits and/or may result in losses to the fund. These and other risk considerations are discussed in the fund's prospectus.

Footnotes

For performance reporting purposes, the inception date for Classes A, R, R6, Z, and Advisor Class shares of all Franklin Templeton Funds is the date of effectiveness of the fund's registration statement or the first day the fund commenced operations. For Classes B and C shares, generally the inception date is the first day the fund commenced offering such shares. Exceptions: Franklin Income Fund Class B uses the inception date of the old Class B shares, renamed Class B1. Templeton Global Balanced Fund Classes A and C use the inception date of the old Class A and C shares, renamed Class A1 and Class C1. For Mutual Series Funds, Franklin International Small Cap Growth Fund, Franklin Large Cap Equity Fund and Franklin Pelagos Commodities Strategy Fund, the inception date for Classes A, B, C, R and R6 shares is the funds' oldest class', Z or Advisor, inception date. Franklin Money Fund Class R6 inception date is the first day it commenced offering such shares.

Net Asset Value — The amount per share you would receive if you sold shares that day.

Public Offering Price — Purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

The Gross Expense Ratio does not include an expense reduction contractually guaranteed through at least 11/30/16. Please see the prospectus for additional information.

For US residents only.

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